HBK Capital Management might have been the canary in the coal mine. In late 2007, the Dallas-based multistrategy firm was the first multibillion-dollar hedge fund to report sizable redemptions related to the credit crisis. But even though it was ahead of its peers, HBK didn't escape the storm that hit late last year. As of December 31, HBK had redemption requests in arrears to the tune of 57% of firm capital. After letting 10% of its assets pull out at year's end, HBK had $7.1 billion as of January 1, down 43% over the year.